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South Korea: BNK Busan set to offer banking services to crypto exchanges

BNK Busan Bank's Digital Strategy Department and Money Laundering Prevention Department are closely analysing other financial institutions' systems, according to reports

South Korea's major bank, BNK Busan, launches new offering that will offer banking services for local crypto exchanges, further showing that the crypto industry is going mainstream.

Reports coming out of Busan.com news outlet state that BNK Busan has launched a program which involves researching other financial institutions and monitor how they deal with crypto exchanges due to future regulations set to be put in place.

BNK Busan Bank - AIBC News

The new regulation which is set to be implemented on Friday will enforce banks to use the Information Security Management System (ISMS) certification.

It is due to the ISMS certification that BNK Busan Bank's Digital Strategy Department and Money Laundering Prevention Department are closely analysing financial institutions to see just how their systems work. The reason for doing this is because BNK Busan are looking to offer these services in the future.

The requirements for local crypto exchanges are to use the ISMS system provided by other South Korean banks to:

  • Gather real names from their clients
  • Social Security Numbers from their clients

Current exchanges and companies that have an agreement with South Korean banks:

  • Bithumb with NG Nonghyup Bank
  • Coinone with NG Nonghyup Bank
  • Upbit with K-Bank
  • Kobit with Shinhan Bank

BNK Busan Bank, if successful in their crypto services, plan to offer their services to small and medium-sized exchanges such as Copax and Gdac.

Source: News.bitcoin

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